The new Africa Fintech Accelerator program from Visa aims to support African startups by providing knowledge, contacts, technology, and investment capital.
Following Visa’s recent announcement that it would invest $1 billion in Africa’s digital transformation and its long-term commitment to advancing the continent’s economies and promoting inclusive growth, the Africa Fintech Accelerator program has now been launched.
Through a three-month intensive learning programmed centered on business growth and mentoring, the accelerator will give up to 40 startups the opportunity to grow and accelerate annually.
Following the program’s conclusion, Visa plans to continue supporting the growth of the fintech industry by making capital investments in a small number of the participating companies and accelerating their commercial launch through the use of Visa technology and resources.
Starting this month, fintech startups from all over Africa can apply to be a part of the program through two application phases each year. Finalists from this year’s African country editions will be invited to join the accelerator program in 2022 when more than 1,000 African fintech startups will compete in the Visa Everywhere Initiative competition.
“Africa has one of the most exciting and admired fintech ecosystems in the world, bringing outstanding entrepreneurial talent to a young digital-first population that is growing fast,” said Alfred F. Kelly Jr., executive chairman of Visa. “Visa has been increasing our investments in Africa for decades and strengthening partnerships throughout the continent to support the next wave of innovation and growth. Our new Fintech Accelerator will bring expertise, connections, and investment to Africa’s best fintech start-ups so they can grow at scale.”